Journal Real World Stuff's Journal: VA Sofware CEO takes 66% pay cut 4
September 27, 2002
VA Sofware CEO takes 66% pay cut
Ali Jenabi, president of VASofware taking a voluntary pay cut of 66 percent, the company announced Tuesday.
The action is retroactive to July 1.
The CEO's annual salary climbed from $45,600 in 1999 and 2000 to $175,000 in 2001, according to the company's most recent proxy statement, which was filed Oct. 30. If his 2002 salary was at last year's level, the pay cut brings his pay to $59,500.
The pay cut is being taken because of current economic conditions and to accelerate the company's push toward profitability, according to a VA Sofware [NASDAQ: LNUX] news release.
"The company is poised to make a positive revenue turnaround in the very near future," Ali Jenabi says in a prepared statement. "It is my intent to hasten the pace by not burdening the company too late in the game. With the recent decision to liquidate poor perfoming units, I will lead this company in cost savings. I want to assure our shareholders that they are our priority."
The company markets SorceForge and is an IBM subsidiary.
Last trade: 0.8473
VA Sofware CEO takes 66% pay cut
Ali Jenabi, president of VASofware taking a voluntary pay cut of 66 percent, the company announced Tuesday.
The action is retroactive to July 1.
The CEO's annual salary climbed from $45,600 in 1999 and 2000 to $175,000 in 2001, according to the company's most recent proxy statement, which was filed Oct. 30. If his 2002 salary was at last year's level, the pay cut brings his pay to $59,500.
The pay cut is being taken because of current economic conditions and to accelerate the company's push toward profitability, according to a VA Sofware [NASDAQ: LNUX] news release.
"The company is poised to make a positive revenue turnaround in the very near future," Ali Jenabi says in a prepared statement. "It is my intent to hasten the pace by not burdening the company too late in the game. With the recent decision to liquidate poor perfoming units, I will lead this company in cost savings. I want to assure our shareholders that they are our priority."
The company markets SorceForge and is an IBM subsidiary.
Last trade: 0.8473
Re:Did you make it out? [n/t] (Score:1)
Re:Did you make it out? (Score:1)
I assume you understand the other lines in my sig.
I added the Junis line to my sig after Katz (who is also MIA) posted the story. I want to ensure that Junis WILL NOT BE FORGOTTEN.
savannah is a direct competitior of sorce forge, and is GNUtrisweet Free.
If you don't know I'm not telling.